Acrylic latex and the pretense of knowledge

posted by
March 22, 2011
Ludwig von Mises Institute
by SM Oliva  
Posted in Commentary

"Since it’s impossible for any regulator — even the smartest, most well intentioned one — to possess all of the relevant knowledge necessary to determine the 'correct' outcome of the marketplace, the regulator’s only option is to simply act as if he’s infallible and rely on some sort of 'credential' to justify his position. In many cases this means hiring an outside 'expert' who may or may not possess any greater relevant knowledge than the regulator himself." (03/20/11)  

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